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Tax implications of foreign monetary transfers?

Posted 11 May 2015 under Tax Questions



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Diane says:
22 April 2015 at 14:57

I am a permanent resident in South Africa, (not employed) Married to a South African. Due to financial constraints I am obligated to transfer some of my foreign savings from my account overseas into my South African Bank account, to pay bills in South Africa (Electricity, home loan etc. ). Would I be taxed on this? I was recommended to put the amount source down as a "gift" by my bank, is this correct?

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TaxTimTaxTim says:
24 April 2015 at 19:49

Yes, you would do this. As long as the money was not earned in South Africa then you can transfer it in tax free.


Diane says:
29 April 2015 at 12:53

Thank you very much for your reply, it has been most helpful.


TaxTimTaxTim says:
30 April 2015 at 13:39

Only a pleasure!


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